Blar i Arbeidsnotater / Working Papers på forfatter "Claussen, Carl Andreas"

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    • A Quantitative Discursive Dilemma 

      Claussen, Carl Andreas; Røisland, Øistein (Working Papers;7/2007, Working paper, 2007)
      The typical judgment aggregation problem in economics and other fields is the following: A group of people has to judge/estimate the value of an uncertain variable y which is a function of κ other variables, i.e. y=D(χ1, ...

    • Collective Economic Decisions and the Discursive Dilemma 

      Claussen, Carl Andreas; Røisland, Øistein (Working Papers;3/2005, Working paper, 2005)
      Most economic decisions involve judgments. When decisions are taken collectively, various judgment aggregation problems may occur. Here we consider an aggregation problem called the discursive dilemma , which is characterized ...

    • Explaining Interest Rate Decisions When the MPC Members Believe in Different Stories 

      Claussen, Carl Andreas; Røisland, Øistein (Working Papers;7/2013, Working paper, 2013)
      Modern central banks do not only announce the interest rate decision, they also communicate a "story" that explains why they reached the particular decision. When decisions are made by a committee, it could be difficult ...

    • Explaining the Low US Inflation – Coincidence or “New Economy”? Evidence Based on a Wage-Price Spiral 

      Claussen, Carl Andreas; Staehr, Karsten (Working Papers;2/2001, Working paper, 2001)
      We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard expectations-augmented Phillips curve does not exhibit structural breaks. However, a wage-price spiral comprising ...

    • Monetary Policy Decisions – Comparing Theory and "Inside" Information from MPC Members 

      Apel, Mikael; Claussen, Carl Andreas; Gerlach-Kristen, Petra; Lennartsdotter, Petra; Røisland, Øistein (Working Papers;3/2013, Working paper, 2013)
      We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with ...

    • Overconfidence, Monetary Policy Committees and Chairman Dominance 

      Claussen, Carl Andreas; Matsen, Egil; Røisland, Øistein; Torvik, Ragnar (Working Papers;17/2009, Working paper, 2009)
      We suggest that overconfidence among policymakers explains why formal decision power over monetary policy is given to committees, while much of the real power to set policy remains with central bank chairmen. Overconfidence ...

    • Persistent Inefficient Redistribution 

      Claussen, Carl Andreas (Working Papers;11/2002, Working paper, 2002)
      Why do governments redistribute through indirect and inefficient means? An intuitive hypothesis is that it masks the real aim and cost of policy. In this paper we construct a dynamic model with an infinite horizon, political ...

    • The Discursive Dilemma in Monetary Policy 

      Claussen, Carl Andreas; Røisland, Øistein (Working Papers;5/2010, Working paper, 2010)
      The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises ...